Mutebile Fires Bagyenda In Latest Bank Of Uganda Reshuffle

Bank of Uganda Wednesday announced Justine Bagyenda with immediate effect ceased to be the Central Bank’s executive director in charge of supervision. Bagyenda’s departure comes a few months before her pending retirement from the Central Bank.

Bagyenda will be replaced by a one Dr. Tumumwine Twinemanzi who has been working as the Director for Industry Affairs and Content (Economic Affairs) at Uganda Communications Commission (UCC).

The change was among the many transfers and appointments the Central Bank’s governor Prof. Emmanuel Tumusime Mutebile announced officially. These appointments which involved executive directors, directors and deputy directors took immediate effect.

Bagyenda in her capacity as executive director in charge of supervision oversaw the Central Bank’s takeover of Crane Bank. Bank of Uganda later sold Crane Bank which was largely owned by businessman Dr. Sudhir Ruparelia to dfcu Bank in a questionable manner to many.

Bagyenda and the top management of Bank of Uganda were criticized by the public for their failure to manage the banking sector leading to many commercial banks failing to sustain their operations and closed shop. The Crane Bank dispute is now a mantter in the courts of law.

Phillip Wabulya became executive director petroleum nvestment fund while Elliot Mwebya and Deborah Kabahweza were made executive directors for Information Technology and Finance respectively. David Kalyango will serve as the Internal Auditor.

The governor noted that the reshuffle will ‘enhance operational efficiency and effectiveness’ and enable the Central Bank ‘fill existing internal vacancies and manage transitions arising from pending retirements’.

Mutebile said the reshuffle is in line with normal staff deployment procedures at the Bank of Uganda. “The Bank of Uganda remains committed to the recruitment, placement and development of high caliber staff for continued delivery on its mission to foster price stability and a sound financial system.” He said.